- Changpeng Zhao ranks #35 among people with the largest fortune
- His fortune amounts to about USD $37.2 billion
- During 2023, his fortune increased by more than USD $25,000
- Despite the legal problems, this seems to have been a very good year for the founder of Binance
Despite the legal problems he is currently facing, the founder and former CEO of Binance, Changpeng Zhao, apparently had the best financial period in his history, as his wealth increased by almost USD 25 billion during the year 2023.
Changpeng Zhao among the 50 billionaires with the most capital
Detailed information appears in the Bloomberg Billionaires Index, in which Zhao appears in position #35 within the ranking of the wealthiest people in the world, capitalizing an estimated fortune of about USD 37.2 billion.
It is worth noting that the calculation of fortunes of the listed millionaires is calculated based on the net capital, properties and shares of people in well-known companies. Therefore, the USD 37.2 billion capitalized by Zhao does not involve the cryptocurrencies that he may have in his wallets, understanding that he owns Bitcoin and BNB as part of his assets.
With this position, Zhao’s fortune far exceeds that of other reputable figures in the crypto sector included in said list. For example, we have the cases of the CEO of Coinbase, Brian Armstrong (USD 7.2 billion); Gemini co-founders Tyler and Cameron Winklevoss ($2.7 billion each); and Digital Currency Group founder/CEO Barry Silbert ( $2 billion).
Zhao and Binance ‘s problems
Although Zhao is one of the best-known personalities in the crypto sector, he gained more attention in recent months after the announcement made by the US Department of Justice, which revealed that the former executive of Binance and the exchange reached an agreement for more than USD 4,000 million as an arrangement to resolve the irregularities, to which is added the payment of a personal fine of at least USD 50 million.
As part of the deal, Zhao had to step down from his position as CEO of Binance and the board of directors of Binance.US. Now the management of the exchange remained in the hands of Richard Teng.
After several requests filed with the corresponding court, authorities determined that Zhao must wait in the US until he receives his sentence, which could be 18 months under arrest in a “ non-prison environment” (home). According to prosecutors, the fact that the accused left the country implied a possible risk of flight given the charges against him, although the defense tried to discredit these allegations by alluding that his representative is a publicly known figure.
Zhao will receive his sentence in early February 2024, and indicated that he will use that time to explore other areas of business and affinities both inside and outside the crypto sector.
